21.99.04.I1 Disposition of Abandoned and Unclaimed Personal Property

Rule Statement

Texas A&M Transportation Institute (TTI) shall handle and dispose of abandoned and unclaimed property in accordance with Texas state law.

Reason for Rule

The purpose of this rule is to provide guidance to TTI employees for the disposition of abandoned and unclaimed personal property. This rule implements the requirements of System Regulation 21.99.04.

Procedures and Responsibilities

1. Abandoned or unclaimed property coming into the possession of a TTI division should be reported to the appropriate division head or Accountable Property Officer (APO).

1.1 After a reasonable amount of time, the division head or APO shall attempt to notify the known owner through mail, telephone or email. In the event the property owner is not identified, the division head or APO should attempt to identify the property owner through a public notice.

1.2 The property shall be released to the owner with proper identification and proof of ownership, except when the property is being held as evidence in a pending criminal case.

2. After 90 days, the APO will determine if such property may be sold through public auction, with appropriate public notice in accordance with Texas A&M University Surplus Property Standard Procedures. Any proceeds received from the sale of the property will be deposited in an appropriate account by the TTI Business Office.

Related Statutes, Policies, or Requirements

Definition

Abandoned or Unclaimed Property – Personal property is considered abandoned or unclaimed if the identity or the valid address of the owner cannot be determined from the information available to the holder of the property.